Forget for a moment whether what mochi/az did was right or wrong. The emergency dao’s nonsensical response and their and other big players’ (eg tetra) pr campaign to influence opinion (not to mention how the governance proposal is worded) is what concerns me most. This “ban” won’t accomplish what you imply it will, and it won’t get the CVX back.
I have no afiliation with or financial stake in mochi. I am just disappointed.
Interesting play. I do have USDM and 3CRV that I’d be willing to throw in. Curve.fi but this doesn’t give the option to use 3CRV (that I have) and I looked on the DAO page, but that’s for regular gauges. Is there an option to do this, or do I need to withdraw the 3CRV in equal proportions and then deposit it, which will likely be multiple approvals, and needlessly expensive to deposit. Update: I withdrew as single token DAI and paired with USDM to deposit and stake in Curve gauge. Convex gauge was closed to new deposits. It’s not emitting any incentive rewards.
Awesome, so you managed to enter the position you want? I don’t have a whole lot of experience with it and how many steps are involved, I usually play on other cheaper chains haha
You should be able to trade on that page, or click on the deposit and withdraw sections at the top, if you want to change your holdings of the LP.
While incentives are shut down, you won’t receive any bonus CRV or CVX tokens. You should accrue whatever trading fees happen, and changes to the ratio of tokens within it.
If the situation resolves well for Mochi, I imagine the rewards will be reinstated. I’m not sure how this event plays out as it is a rather complex topic, and it would be ideal to try and avoid as many biases/favoritism, for either side.
edit: In an earlier post you asked if I took up this trade/idea as well. Fwiw, no I don’t believe the USDM tokens will hold any value in the long run, so I don’t like the idea of holding them. I also can’t see any communication from AZ that more thoroughly explains his actions and how this is at all sustainable. So at best, I can only assume he is acting from either ignorance or through deceit. But that is my own my personal opinion, not debatable points, you’re free to place your own bets as you assess the situation, and form your own opinion.
edit2: To also outline my comments with a very prominent WARNING. Anyone continuing to provide usdc/dai/usdt to this pool, is essentially giving it away to AZ to do as he wishes with. So, please, understand the tokenomics, and the warnings the figureheads have been attempting to outline. To the best of their and my own understanding, with all those inherent biases, you are being taken for a ride. There is no way to get this point across clearly without believing there are further hidden agendas. Please, be extra diligent.
Azeem responded to some attacks in Crypto Twitter, but got tired of being a punching bag. I know he’s been working with the team to get the security issues addressed, because restoring the gauge is the #1 priority. If I recall correctly multisig is 3 of 6 now, and fully distributed Mochi DAO is on its way. There’s been communication to the Mochi Discord and various channels.
If you look at the framing of this proposal it’s not a neutral one inviting discussion and well constructed argument. It clearly condemns him as guilty and demanding swift punishment. Would be a tough venue to show up to present his case.
“Our national problems usually do not cause nearly as much harm as the solutions.” Thomas Sowell
Thank you for taking the actions to in a temporary emergency way to disable the gauge.
I will be using my small vote to vote “no” on restoring them a gauge. I don’t know what efforts can be done to prevent bad actors in the future but there is certainly a lot of factory junk now on curve. I don’t know why I feel that way because obviously uniswap allows every coin out there. But anyway—thanks for the actions by the emergency DAO!!